WHAT DO YOU DESIRE? A BRIEF OVERVIEW OF A NEW INNOVATIVE CRYPTOCURRENCY
This is a question that would make anyone flush! The thought of fulfilling the desires of someone; definitely moves my mind to a different level and makes me think about intimate interactions.
What can be more intimate than your money? Most don't think of money as being intimate but think about all the different ways that people past and present have come up with and are coming up with to generate money, to make money, to earn money and to spend money. It is the one thing that so many are shy to talk about openly and so can be considered quite an intimate thing.
Enter DESIRE, a cryptocurrency not unlike DASH, VIVO or BITSEND. The main aim of DESIRE is to give a chance to folks who "may have missed the boat" on some of the above mentioned coins to get a chance to earn some passive income supporting the DESIRE Network.
It provides similar features like the creation of a Masternode, InstantX and PrivateSend.
WHY DESIRE? CHARACTERISTICS OF A CURRENCY
One of the issues with a lot of the earlier cryptocurrencies like Bitcoin is that its public ledger and the coins supported by those blockchains are not fungible. According to the website Eleven Thirty PM, money or should I say currency has 5 properties:
- Currency is Scarce -- there is a finite amount (eg. maximum amount of coins)
- Currency is Fungible -- all symbols or units are interchangeable, like a commodity.
- Currency is Divisible -- units are easily divisible
- Currency is Durable -- the units can survive the test of time without being worn out or disappear. Current fiat currency wears out and so fails this test. Once a blockchain is created and maintained by its network of peers, this cannot be destroyed or deleted and so cryptocurrencies pass this test with flying colours.
- Currency is Transferable -- the units can be easily transferable between owners.
FUNGIBILITY
The biggest difference between cryptocurrencies like Bitcoin and Dash and extending to this case DESIRE; is that DASH and DESIRE are FUNGIBLE whereas Bitcoin is not. Don't get me wrong, I think Bitcoin indeed will be the GOLD of the cryptocurrency universe, not only because it is the first but because it is a perfect store of value like GOLD is. But just like we don't carry bullions of Gold around in order to do our day to day buying and selling, I believe people will also not be carrying Bitcoin around, at least not in large quantities. Bitcoin, of course, can be carried around without the issues that face GOLD, but because most will use it to store value like a VAULT, people will be less inclined to carry their Bitcoin wallets around once the values reach the MOON!
The issue of fungibility is that for instance if I gave you a $50 bill and then 2 days later you came back to pay me with two $20 dollar bills and a $10 bill, I will consider the $50 paid back in full because the currency is fungible. It will not matter where the $20 and the $10 bills came from. I will not care who they belonged to before I accepted them because it doesn't matter. As well, even if I wanted to care where it came from and who it belonged to before being passed to me, I will not be able to do so because as we use currency, it gets mixed with other currencies as dictated by the velocity of money. That is the essence of fungibility.
But if I gave you my car and then 2 days later you came back with the same car: i.e. the same make, model and same year; but if it is not my original car, I will ask you questions and might not necessarily accept it back as a replacement. In this case, a car is not fungible. Not forgetting that something like this also triggers so many other issues: for instance, I will have to call my insurance to switch it to the new car; they might ask if my old car got into an accident or something. If it did, my premiums could go up. As well, I will have to register my new car with a new VIN number and a new licence plate; prompting extra costs and so on and so forth. For these reasons and more, my car is not fungible.
The reason why Bitcoin might not be fungible is simply that Bitcoin is not anonymous. If I sent you 1 BTC, and you send me back 1 BTC to pay back what I sent you, and if you happen to have stolen your 1 BTC, well, that transaction could be traced to confirm that the coin you paid back with was stolen. With new regulations on the horizon, being able to do such a trace can in the future nullify my 1 BTC so that I may not be able to spend it anymore because of the lack of anonymity. Just like I can't trace where my $20 and $10 bills came from, a good currency should not allow me to be able to do such a trace. This makes 1 BTC not equal to another BTC because of this lack of anonymity. It is the subject of much debate in the cryptoshpere; one of the main reason for so many forks of Bitcoin including the Bitcoin Dark fork.
PRIVATESEND and MASTERNODE
With DASH's PrivateSend feature and by extension, DESIRE's PrivateSend feature -- (because DESIRE is a fork of DASH), coins can be mixed the same way as the $50 example and thereby be making sure that the trace that can be done with Bitcoin cannot be done with DESIRE. This means that each DESIRE coin can be replaced wholly with another DESIRE coin.
According to the announcement for DESIRE on Bitcointalk.org;
The base of this multi tiered approach lies in the hands of network clients called Masternodes. In the crypto-currency world we consider a network client a computer with the wallet software running. In terms of Bitcoin all clients of the network are considered equal. The more nodes (or clients) up and available to communicate the stronger the mesh of peer to peer connections is for broadcasting transactions, mining blocks, and coming to a consensus on the ledger. The power of DESIRE comes from a rudimentary adjustment to this basic premise that all clients on the network are created equally. Inside the DESIRE network clients that have had a single 1000 coin deposit can then in turn attach themselves to another node on the network forming a Masternode bond between their local wallet (with the 1000 coins) and the node on the network with no coins but a full copy of the DESIRE software running and responding to clients on the DESIRE network. Masternodes perform services to support and strengthen the DESIRE network. The reason for developing this Masternode connection between a local node and a remote node is done for security and reliability. This allows the 1000 coin deposit to remain locked in place and secure. It doesn't have to remain online and accessible it can be safely put away until needed. It also allows the computer responding to client requests on the DESIRE network to be at a high bandwidth facility. This makes Masternode’s highly available and extremely accessible to DESIRE network clients. Once a wallet has been loaded with a 1000 DESIRE and started as a Masternode as long as it remains healthy and responsive to the network for a set period of monitoring it will eventually get entered into the main Masternode list. This is a list of nodes that have all passed this Proof of Service test and that are considered healthy for the network to rely on to sign blocks, relay messages and provide tier two services like fungibility protection. At this point, there is two proof of concept offerings for Masternode’s that have passed this Proof of Service test. These are InstantX and Darksend or what some like to simply call Mix.
The PrivateSend feature allows users to use DESIRE and keep their full privacy because of the concept of mixing the coins to make them fungible and also anonymous. This way any user is able to act as an auditor and guarantee the financial integrity of the public ledger without compromising the privacy of others. With PrivateSend, transactions can be made up of multiple parties by merging their funds together in a way that they cannot be uncoupled together afterwards. PrivateSend transactions are setup for users to pay themselves and therefore the system is highly secure against theft and users' coins remain completely safe. The current mix is in the following denominations: 0.1 DESIRE (DSR), 1 DSR, 10 DSR and 100 DSR.
COIN SPECIFICATIONS
Release date: 15/10/2017 / Premine ~ 4%
Maximum Supply: 22,000,000 coins
Algorithm: NeoScrypt (ASIC resistant algorithm)
Difficulty retargets using Dark Gravity Wave
Type: Proof-of-Work (PoW)
Coin abbreviation: DSR
CPU/GPU/ mining
Block reward is controlled by: 2222222/(((Difficulty+2600)/9)^2)
Average Block Time: 2.5 minutes
Block Reward: 25
Block Reward Distribution: 20% to Masternodes, 80% to Miners
InstantSend confirmation: ~5 seconds
Decentralized Masternode Network
Superior Transaction Anonymity using PrivateSend
Here are some useful links if you want to learn more about DESIRE and if you want to set up a Masternode:
Setting up a DESIRE Masternode
A wise man once said:
"To be happy at the top, make sure that as you climb to the top,
you help others climb up with you too. Because if not it will be very lonely at the top" -- Anonymous
Please upvote if you like this post. Comment, ask questions and interact. And also if there is someone out there who has had more exposure to DESIRE and will like to share their experience. Please feel free to do so too.
Thank you for your time. MUCH LOVE!